MOSCOW, November 17 (RIA Novosti) - Russia's largest diamond producer, Alrosa, plans to slash supplies of rough diamonds by 40%, the International Diamond and Jewelry Exchange (IDEX) said on Monday.
The IDEX quoted Sergei Vybornov, Alrosa president, as saying "the Russian miner will reduce rough diamond supplies by as much as 40%, selling excess production to the state repository Gokhran."
Alrosa, which accounts for 97% of Russian and 25% of global diamond output, produced diamonds worth $2.37 billion in 2007. The Russian government holds a 50.9% stake in the company.
